Mortgage Rate Update 6/26/09

The dramatic increase in interest rates since May 28^th has reduced refinance activity significantly.  For many homeowners the higher interest rates eliminate the benefit of refinancing.  Though the rates may decrease from today’s level, it seems unrealistic to hope for them to plunge back into the 4s.  On Monday, the MBA slashed its forecast for 2009 mortgage loans by more than 25% due to the slowdown in refinancing and a slow start to the federal Home Affordable Refinance Program.

The Senate bill (S. 1230) to amend the $8000 tax credit for first time home buyers and make it a $15,000 credit for ANY home buyer who buys a home within one year of the date of enactment has now been referred to the Committee on Finance. We have placed a widget on this blog that monitors the status of the bill and will display any change in its status. Feel free to stop by any time to see the latest development in the bill’s progress.

For expert assistance with your financing needs, call our in-house mortgage executive, Rick Cannavaro, at (203) 672-2706.

Click here to send a secure online mortgage application.

Here are this week’s rates:

Friday, June 26th, 2009

All rate quotes are for a 60-day lock with 0 points, 5% down payment, and a 720 FICO score.

Conforming limits are up to a $417,000 loan limit*

30 yr conforming fixed: rate = 5.375% APR = 5.534%

15 yr conforming fixed: rate = 4.875% APR = 5.140%

7/1 yr conforming ARM: rate = 5.375% APR = 5.725%

5/1 yr conforming ARM: rate = 5.125% APR = 5.320%

30 yr FHA Fixed : rate = 5.250% APR = 5.440%

30 yr CHFA w/ 1 pt : rate = 5.250% APR = 5.585%

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Jumbo loan limits range from $417,001 to $1,000,000*

30 yr jumbo fixed: rate = 6.125% APR = 6.352%

15 yr jumbo fixed: rate = 5.750% APR = 5.905%

7/1 yr jumbo ARM: rate = **** APR = ****

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CHFA (Connecticut Housing Finance Authority) rates for the week of June 25 – July 1, 2009

Homebuyer Mortgage Plan:
Interest rate: 5.250 % (APR range 5.350 – 5.750%)
Fees: Up to One Point (1% Origination Fee) * Payable to Lender
Term – 30 years, fixed rate

Downpayment Assistance Program (DAP)
(Rate listed is for DAP loans with Homebuyer Mortgage Program financing.)

Interest rate: 5.250 % (APR range 5.350 – 5.750%)
Fees: Up to $200 Application Fee * Payable to Lender
Term – 30 years, fixed rate

(NOTE: If at any time the interest rate for the Homebuyer Mortgage Program exceeds 6%, the DAP interest rate will be capped at 6%.)

* Additional fees may apply

*Conforming loan limits listed above are for a single-family owner occupied residence.
Courtesy of The Harriman Team and William Raveis Mortgage

*All rates are subject to change. Minimum down payment and credit score requirements may apply. All information provided is deemed reliable but is not guaranteed and should be independently verified .

William Raveis Real Estate, 465 S. Main St., Cheshire, CT 06410

Tagged as: 06410, Adjustable rate mortgage, CHFA, DAP, Federal Housing Administration, mortgage rates